股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 芯成科技控股有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00365 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.1 | HKD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.1 | HKD | | 200,000,000 | 本月底法定/註冊 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 芯成科技控股有限公司 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00365 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.1 | HKD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.1 | HKD | | 200,000,000 | 本月底法定/註冊股 ...

（股份代號：00365） SINO ICT HOLDINGS LIMITED 芯成科技控股有限公司 ( 於百慕達註冊成立之有限公司 ) 倘 閣下對本通知有任何疑問，請致電香港股份過戶登記分處電話熱線(852) 2980 1333，辦公時間為星期一至五 （公眾假期除外）上午9時正至下午6時正，或電郵至is-ecom@vistra.com。 承董事會命 芯成科技控股有限公司 主席 袁以沛 2025年9月30日 各位登記股東： 於本公司網站登載公司通訊之通知 謹此通知 閣下，芯成科技控股有限公司（「本公司」）之下述公司通訊1（「本次公司通訊」）之中、英文版本， 現已登載於本公司網站www.sino-ict.com（「本公司網站」）及香港聯合交易所有限公司（「聯交所」）網站 www.hkexnews.hk（「聯交所網站」）以供閱覽： • 2025中期報告 請於本公司網站「投資者資訊」一欄或聯交所網站內讀取本次公司通訊。若閣下早前曾要求收取公司通訊的印刷本， 本次公司通訊的印刷本已隨函附上。 為了支援通過電郵進行電子通訊，本公司建議 閣下向本公司香港股份過戶登記分處卓佳證券登記有限公司（「香港 股份過戶登記分處」）（地 ...

[Company Information](index=2&type=section&id=Company%20Information) This section provides an overview of the company's fundamental administrative and contact details [Board of Directors and Company Secretary](index=3&type=section&id=Board%20of%20Directors%20and%20Company%20Secretary) The report lists the composition of the company's executive directors, non-executive directors, independent non-executive directors, and members of the audit, remuneration, and nomination committees, noting Mr. Wang Yanxin, an independent non-executive director, will resign on August 1, 2025 - Independent Non-Executive Director Mr. Wang Yanxin will resign on **August 1, 2025**[3](index=3&type=chunk) [Registered Office and Principal Place of Business](index=3&type=section&id=Registered%20Office%20and%20Principal%20Place%20of%20Business) The company's registered office is in Bermuda, with its principal place of business in Tsim Sha Tsui, Kowloon, Hong Kong - The company's registered office is at Clarendon House, Bermuda, with its principal place of business at Tower One, Gateway, 25 Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong[3](index=3&type=chunk) [Principal Bankers and Auditor](index=3&type=section&id=Principal%20Bankers%20and%20Auditor) The company's principal banker is DBS Bank (Hong Kong) Limited, and its auditor is Grant Thornton Hong Kong Limited - Principal banker is **DBS Bank (Hong Kong) Limited**, and the auditor is **Grant Thornton Hong Kong Limited**[3](index=3&type=chunk) [Share Registrar](index=3&type=section&id=Share%20Registrar) The company's principal share registrar is in Bermuda, and its Hong Kong branch share registrar is Tricor Tengard Limited - The principal share registrar is **Conyers Corporate Services (Bermuda) Limited**, and the Hong Kong branch is **Tricor Tengard Limited**[3](index=3&type=chunk)[4](index=4&type=chunk) [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) This section presents the company's financial performance over the period, detailing revenues, costs, and profits or losses Key Financial Data from Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30, 2025) | Indicator | 2025年6月30日 (HKD thousands) | 2024年6月30日 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 177,334 | 142,600 | 34,734 | 24.36% | | Cost of Sales | (109,926) | (77,672) | (32,254) | 41.53% | | Gross Profit | 67,408 | 64,928 | 2,480 | 3.82% | | Operating Profit/(Loss) | 8,920 | (10,766) | 19,686 | 182.85% | | Loss for the Period | (3,253) | (26,518) | 23,265 | 87.73% | | Profit/(Loss) from Continuing Operations Attributable to Owners of the Company | 6,309 | (10,777) | 17,086 | 158.55% | | Basic and Diluted Earnings/(Loss) Per Share (HK cents) | 0.42 | (0.74) | 1.16 | 156.76% | [Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This section outlines the company's assets, liabilities, and equity at a specific point in time, reflecting its financial health Key Data from Condensed Consolidated Statement of Financial Position (As at June 30, 2025) | Indicator | 2025年6月30日 (HKD thousands) | 2024年12月31日 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total Assets | 931,931 | 923,846 | 8,085 | 0.87% | | Non-current Assets | 481,981 | 501,397 | (19,416) | -3.87% | | Current Assets | 443,516 | 416,015 | 27,501 | 6.61% | | Total Equity | 182,148 | 184,921 | (2,773) | -1.50% | | Total Liabilities | 749,783 | 738,925 | 10,858 | 1.47% | | Non-current Liabilities | 494,697 | 350,277 | 144,420 | 41.23% | | Current Liabilities | 255,086 | 388,648 | (133,562) | -34.37% | | Net Current Assets | 194,864 | 33,801 | 161,063 | 476.51% | [Condensed Consolidated Statement of Changes in Equity](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This section details the changes in the company's equity over the period, reflecting movements in capital and retained earnings Key Data from Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30, 2025) | Indicator | 2025年6月30日 (HKD thousands) | 2024年6月30日 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Equity Attributable to Owners of the Company (End of Period) | 232,786 | 251,898 | (19,112) | | Non-controlling Interests (End of Period) | (50,638) | (23,909) | (26,729) | | Total Equity (End of Period) | 182,148 | 227,989 | (45,841) | | Loss for the Period (Attributable to Owners of the Company) | 6,180 | (10,777) | 16,957 | | Total Comprehensive Expense for the Period (Attributable to Owners of the Company) | 6,660 | (9,847) | 16,507 | [Condensed Consolidated Statement of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This section presents the cash inflows and outflows from operating, investing, and financing activities, illustrating the company's liquidity and solvency Key Data from Condensed Consolidated Statement of Cash Flows (For the six months ended June 30, 2025) | Indicator | 2025年6月30日 (HKD thousands) | 2024年6月30日 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (11,984) | (10,289) | (1,695) | | Net Cash Used in Investing Activities | (4,671) | (12,444) | 7,773 | | Net Cash (Used in)/Generated from Financing Activities | (18,934) | 20,926 | (39,860) | | Net Decrease in Cash and Cash Equivalents | (35,589) | (1,807) | (33,782) | | Cash and Cash Equivalents at End of Period | 171,945 | 180,715 | (8,770) | [Notes to the Condensed Consolidated Interim Financial Statements](index=9&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) This section provides detailed explanations and supplementary information for the figures presented in the condensed consolidated interim financial statements [1. General Information](index=9&type=section&id=1.%20General%20Information) The company is a limited company registered in Bermuda, with shares listed on the Main Board of the Hong Kong Stock Exchange, primarily engaged in SMT equipment manufacturing and energy business, having terminated its radar business - The company is primarily engaged in **SMT equipment manufacturing** and **electricity sales and provision of electricity spot market trading and ancillary services (energy business)**[14](index=14&type=chunk) - For the six months ended June 30, 2025, the Group has terminated its **radar hardware manufacturing and intelligent software development, application, and system integration business**[14](index=14&type=chunk) [2. Basis of Preparation](index=10&type=section&id=2.%20Basis%20of%20Preparation) The condensed consolidated interim financial statements are prepared in accordance with HKAS 34 and the Listing Rules, and should be read in conjunction with the annual consolidated financial statements - The financial statements are prepared in accordance with **Hong Kong Accounting Standard 34 'Interim Financial Reporting'** and the **Listing Rules**[17](index=17&type=chunk) [3. Significant Accounting Policies](index=11&type=section&id=3.%20Significant%20Accounting%20Policies) The financial statements are primarily prepared under the historical cost convention, except for investment properties and financial assets measured at fair value; several revised HKFRSs adopted this period had no significant impact on consolidated results or financial position - The financial statements are primarily prepared under the **historical cost convention**, with certain assets presented at fair value[18](index=18&type=chunk) - The adoption of newly revised Hong Kong Financial Reporting Standards had **no significant impact** on the consolidated results and financial position for the current and prior periods[19](index=19&type=chunk) [4. Critical Accounting Estimates and Judgements](index=11&type=section&id=4.%20Critical%20Accounting%20Estimates%20and%20Judgements) The preparation of financial statements involves management's critical judgments, estimates, and assumptions regarding accounting policy application and carrying amounts of assets, liabilities, income, and expenses, where actual results may differ - Financial statement preparation involves management's **critical judgments, estimates, and assumptions**, and actual results may differ[20](index=20&type=chunk) [5. Revenue](index=12&type=section&id=5.%20Revenue) Total revenue for the period was HKD 177,334 thousand, primarily from the production and sale of industrial products (HKD 152,408 thousand) and electricity sales (HKD 24,926 thousand), with revenue recognition completed at a point in time Revenue Composition (For the six months ended June 30, 2025) | Revenue Source | 2025年6月30日 (HKD thousands) | 2024年6月30日 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Production and Sale of Industrial Products | 152,408 | 134,758 | 17,650 | 13.10% | | Electricity Sales | 24,926 | 7,842 | 17,084 | 217.85% | | **Total** | **177,334** | **142,600** | **34,734** | **24.36%** | [6. Segment Information](index=13&type=section&id=6.%20Segment%20Information) The Group primarily operates in industrial product manufacturing and sales and energy business, with the radar business terminated; the industrial products segment saw significant revenue and gross profit growth, while the energy business revenue increased substantially but still recorded gross loss and pre-tax loss - The **radar business has been terminated**, and segment information does not include discontinued operations[23](index=23&type=chunk) Revenue and Gross Profit/(Loss) from Continuing Operations by Segment (For the six months ended June 30, 2025) | Segment | 2025 Revenue (HKD thousands) | 2024 Revenue (HKD thousands) | Revenue Change Rate | 2025 Gross Profit/(Loss) (HKD thousands) | 2024 Gross Profit (HKD thousands) | Gross Profit Change Rate | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Industrial Product Manufacturing and Sales | 150,706 | 131,709 | 14.42% | 74,610 | 59,835 | 24.69% | | Energy Business | 24,926 | 7,842 | 217.85% | (8,904) | 2,044 | -535.52% | | Unallocated Items | 1,702 | 3,049 | -44.18% | 1,702 | 3,049 | -44.18% | | **Total** | **177,334** | **142,600** | **24.36%** | **67,408** | **64,928** | **3.82%** | [7. Other Income](index=14&type=section&id=7.%20Other%20Income) Other income for the period was HKD 1,384 thousand, mainly from government grants, a significant decrease from the prior period Other Income Composition (For the six months ended June 30, 2025) | Income Source | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Sale of Scrap Materials | 31 | 294 | (263) | -89.46% | | Government Grants | 1,353 | 4,656 | (3,303) | -70.94% | | **Total** | **1,384** | **4,950** | **(3,566)** | **-72.04%** | [8. Finance Income and Expenses](index=15&type=section&id=8.%20Finance%20Income%20and%20Expenses) Net finance expenses for the period were HKD 10,767 thousand, a decrease from the prior period, primarily due to lower interest expenses on bank and other borrowings Finance Income and Expenses (For the six months ended June 30, 2025) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Finance Income (Bank Deposit Interest) | 561 | 913 | (352) | -38.55% | | Finance Expenses (Borrowing Interest) | (11,328) | (13,410) | 2,082 | -15.53% | | **Net Finance Expenses** | **(10,767)** | **(12,497)** | **1,730** | **-13.84%** | [9. Income Tax Expense/(Credit) from Continuing Operations](index=15&type=section&id=9.%20Income%20Tax%20Expense%2F(Credit)%20from%20Continuing%20Operations) Income tax expense from continuing operations for the period was HKD 1,085 thousand, compared to an income tax credit of HKD 1,453 thousand in the prior period, mainly due to China corporate income tax Income Tax from Continuing Operations (For the six months ended June 30, 2025) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | China Corporate Income Tax Expense/(Credit) | 1,085 | (1,453) | 2,538 | [10. Discontinued Operations](index=16&type=section&id=10.%20Discontinued%20Operations) Discontinued operations (radar business) resulted in a loss of HKD 187 thousand for the period, primarily administrative expenses, with no such loss in the prior period Loss from Discontinued Operations (For the six months ended June 30, 2025) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | — | — | | Administrative Expenses | (187) | — | | Loss for the Period from Discontinued Operations | (187) | — | - Discontinued operations primarily refer to the **radar business**, incurring a loss of **HKD 187 thousand** for the period[14](index=14&type=chunk)[28](index=28&type=chunk) [11. Earnings/(Loss) Per Share](index=17&type=section&id=11.%20Earnings%2F(Loss)%20Per%20Share) Basic and diluted earnings per share from continuing operations were 0.43 HK cents, loss per share from discontinued operations was 0.01 HK cents, totaling 0.42 HK cents earnings per share, achieving a turnaround Earnings/(Loss) Per Share (For the six months ended June 30, 2025) | Indicator | 2025 (HK cents) | 2024 (HK cents) | Change (HK cents) | | :--- | :--- | :--- | :--- | | Continuing Operations | 0.43 | (0.74) | 1.17 | | Discontinued Operations | (0.01) | — | (0.01) | | **Basic and Diluted Earnings/(Loss)** | **0.42** | **(0.74)** | **1.16** | [12. Dividends](index=17&type=section&id=12.%20Dividends) No dividends were declared or proposed by the company for the six months ended June 30, 2025 - No dividends were declared or proposed for the current period or the prior corresponding period[30](index=30&type=chunk) [13. Trade and Other Receivables](index=18&type=section&id=13.%20Trade%20and%20Other%20Receivables) As at June 30, 2025, total trade and bills receivables were HKD 105,564 thousand, a significant increase from HKD 72,136 thousand at the end of 2024, with receivables over 180 days growing substantially Ageing Analysis of Trade and Bills Receivables (As at June 30, 2025) | Ageing | 2025年6月30日 (HKD thousands) | 2024年12月31日 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | 0 to 90 Days | 48,379 | 58,476 | (10,097) | -17.27% | | 91 to 180 Days | 28,658 | 11,779 | 16,879 | 143.29% | | Over 180 Days | 28,527 | 1,881 | 26,600 | 1414.14% | | **Total** | **105,564** | **72,136** | **33,382** | **46.28%** | [14. Trade and Other Payables](index=18&type=section&id=14.%20Trade%20and%20Other%20Payables) As at June 30, 2025, total trade and bills payables were HKD 45,693 thousand, a decrease from HKD 49,634 thousand at the end of 2024 Ageing Analysis of Trade and Bills Payables (As at June 30, 2025) | Ageing | 2025年6月30日 (HKD thousands) | 2024年12月31日 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | 0 to 90 Days | 40,141 | 43,702 | (3,561) | -8.15% | | 91-120 Days | 447 | 253 | 194 | 76.68% | | Over 120 Days | 5,105 | 5,679 | (574) | -10.11% | | **Total** | **45,693** | **49,634** | **(3,941)** | **-7.94%** | [15. Assets Classified as Held for Sale](index=18&type=section&id=15.%20Assets%20Classified%20as%20Held%20for%20Sale) As at June 30, 2025, the Group classified equipment, intangible assets, and inventories of the radar business, totaling HKD 6,434 thousand, as assets held for sale - Equipment, intangible assets, and inventories of the **radar business**, totaling **HKD 6,434 thousand**, were classified as assets held for sale[33](index=33&type=chunk) [Chairman's Report](index=18&type=section&id=Chairman%27s%20Report) This report from the Chairman provides an executive summary of the company's performance, strategic direction, and outlook [Overview](index=19&type=section&id=Overview) In the first half of 2025, the global economy faced challenges with slowing growth, but China's economy maintained steady progress with a 5.3% GDP increase; the Group adopted a prudent strategy, focusing on SMT and semiconductor equipment manufacturing and energy businesses - In the first half of 2025, global economic growth slowed, while China's GDP grew by **5.3%** and industrial value-added above designated size increased by **6.4%**[35](index=35&type=chunk) - The Group focuses on **SMT and semiconductor equipment manufacturing** and **energy businesses**, aiming to create greater commercial value and shareholder returns[35](index=35&type=chunk) [Business Review](index=19&type=section&id=Business%20Review) For the period, the Group's revenue increased by 24.4% year-on-year to HKD 177,334 thousand, and gross profit grew by 3.8% to HKD 67,408 thousand; SMT and semiconductor equipment manufacturing contributed 85.0% of revenue, the energy business gradually stabilized, administrative expenses decreased, resulting in a profit attributable to owners of HKD 6,180 thousand, achieving a turnaround Key Financial Data from Group Business Review (For the six months ended June 30, 2025) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Overall Revenue | 177,334 | 142,600 | 24.4% | | Gross Profit | 67,408 | 64,928 | 3.8% | | SMT and Semiconductor Equipment Manufacturing Business Revenue | 150,706 | 131,709 | 14.4% | | SMT and Semiconductor Equipment Manufacturing Business Gross Profit | 74,610 | 59,835 | 24.7% | | Energy Business Segment Revenue | 24,926 | 7,842 | 217.85% | | Profit Attributable to Owners of the Company | 6,180 | (10,777) | Turnaround | - The Group achieved a **turnaround**, primarily due to stable operations in **SMT and semiconductor equipment manufacturing**, gradual stabilization of the **energy business**, and **reduced administrative expenses**[36](index=36&type=chunk) - The Group commissioned China's first grid-side new energy storage project for spot trading and ancillary services in Datong, Shanxi, at the end of 2023, with the energy business segment revenue reaching **HKD 24,926 thousand** this period[37](index=37&type=chunk) [Industry Trends](index=20&type=section&id=Industry%20Trends) This section analyzes the broader market and technological trends impacting the company's SMT and semiconductor equipment manufacturing and energy businesses [SMT and Semiconductor Equipment Manufacturing Related Industries](index=20&type=section&id=SMT%20and%20Semiconductor%20Equipment%20Manufacturing%20Related%20Industries) China's manufacturing sector is stable and improving, with significant growth in equipment manufacturing and high-tech manufacturing value-added; demand for Mini LED TVs, AI servers, and automotive electronics PCBs is rising, with the global PCB market expected to reach USD 96.8 billion in 2025, China's smartphone shipments to reach 291 million units, the automotive electronics market to reach RMB 1.28 trillion, and China's IoT spending to reach USD 165.86 billion - China's **equipment manufacturing** and **high-tech manufacturing** value-added grew by **10.2%** and **9.5%**, respectively[38](index=38&type=chunk) - By 2025, China's **Mini LED TV penetration rate** is expected to exceed **20%**, the **global PCB market size** to reach **USD 96.8 billion**, and China's **smartphone shipments** to reach **291 million units**[38](index=38&type=chunk) - By 2025, China's **automotive electronics market size** is expected to reach **RMB 1.28 trillion**, and **IoT spending** to reach **USD 165.86 billion**[39](index=39&type=chunk) [Energy Industry](index=21&type=section&id=Energy%20Industry) China's power industry continues to grow with increasing renewable energy share, and energy storage is crucial for alleviating grid absorption pressure; since 2025, China's energy storage industry has grown rapidly, with new energy storage installed capacity continuously climbing to 94.91 million kW / 222 million kWh by the end of June, an increase of approximately 29% year-on-year; multiple policies have been introduced to support energy storage development, including expanding application scenarios, improving utilization, promoting technological innovation, strengthening standard systems, and perfecting market mechanisms - **Energy storage** is a key technology for alleviating grid absorption pressure and enhancing power system regulation capabilities[41](index=41&type=chunk) - By the end of June, national new energy storage installed capacity reached **94.91 million kW / 222 million kWh**, an increase of approximately **29%** compared to the end of 2024[41](index=41&type=chunk) - Multiple government departments have introduced policies to promote **large-scale construction, technological innovation, standard system improvement, and market mechanism optimization** for new energy storage[42](index=42&type=chunk) [Development and Outlook](index=22&type=section&id=Development%20and%20Outlook) China's economy is expected to maintain steady progress in the second half of 2025; the Group will consolidate its core SMT and semiconductor equipment manufacturing business, enhance R&D and market competitiveness, and accelerate the development of its energy business to contribute more revenue and shareholder value - China's economy is expected to continue its **stable growth** in the second half of 2025, with domestic demand, new energy, and high-end manufacturing as key drivers[44](index=44&type=chunk) - The Group will operate its **SMT and semiconductor equipment manufacturing business** steadily, consolidate its **independent R&D advantages**, and accelerate the development of its **energy business** to contribute more revenue[44](index=44&type=chunk) [Management Discussion and Analysis](index=22&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's perspective on the company's financial performance, operational results, and future prospects, offering insights beyond the financial statements [Performance Review](index=23&type=section&id=Performance%20Review) Revenue for the period was HKD 177,334 thousand, up 24.4% year-on-year; SMT and semiconductor equipment manufacturing accounted for 85.0% of total revenue, with increased contribution from the energy business; profit attributable to owners was HKD 6,180 thousand, and comprehensive income was HKD 6,660 thousand, both increasing year-on-year, mainly due to stable energy business operations and reduced administrative expenses - Revenue increased by **24.4%** year-on-year to **HKD 177,334 thousand**, with profit attributable to owners reaching **HKD 6,180 thousand**, achieving a turnaround[46](index=46&type=chunk) - The energy business gradually entered **stable operation**, and reduced one-off expenses and daily management costs led to **lower administrative expenses**[46](index=46&type=chunk) - The domestic manufacturing and energy industries have **broad prospects for modernization and green transformation**, and the Group will actively seize development opportunities[47](index=47&type=chunk) [SMT and Semiconductor Equipment Manufacturing Business](index=23&type=section&id=SMT%20and%20Semiconductor%20Equipment%20Manufacturing%20Business) For the period, SMT and semiconductor equipment manufacturing revenue was HKD 150,706 thousand, up 14.4% year-on-year; segment gross profit was HKD 74,610 thousand, up 24.7%; segment profit before tax was HKD 23,384 thousand, up 38.4%, making it the primary source of revenue and profit; the company actively expanded its market, launched an e-commerce platform, participated in domestic and international exhibitions, and deepened its overseas strategic layout, benefiting from growing market demand for Mini LED, new energy vehicles, and domestic semiconductor equipment substitution SMT and Semiconductor Equipment Manufacturing Business Performance (For the six months ended June 30, 2025) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Business Segment Revenue | 150,706 | 131,709 | 14.4% | | Segment Gross Profit | 74,610 | 59,835 | 24.7% | | Segment Profit Before Income Tax | 23,384 | 16,890 | 38.4% | - The company actively promotes its market presence and deepens its overseas strategic layout by launching the **'Nitto Technology Mall' e-commerce platform** and participating in **domestic and international industry exhibitions**[48](index=48&type=chunk) - SMT technology is widely used in communications, computers, automotive electronics, consumer electronics, and other fields, benefiting from growing market demand for **Mini LED, new energy vehicles, and domestic semiconductor equipment substitution**[49](index=49&type=chunk)[50](index=50&type=chunk) [Energy Business](index=24&type=section&id=Energy%20Business) The Group's Herong New Energy Storage Power Station in Datong, Shanxi, commenced commercial operation in 2023; for the period, energy business revenue was HKD 24,926 thousand, but still recorded a gross loss of HKD 8,904 thousand and a pre-tax loss of HKD 19,133 thousand; the Herong Power Station has passed secondary and primary frequency regulation technical tests and entered market operation, with its frequency regulation response speed and accuracy reaching industry-leading levels; the power station has initiated new energy leasing business and plans to consolidate frequency regulation revenue, participate in the electricity spot market and standby compensation, and explore diversified development opportunities Energy Business Performance (For the six months ended June 30, 2025) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 24,926 | 7,842 | | Segment Gross Loss | (8,904) | 2,044 | | Segment Loss Before Income Tax | (19,133) | (31,413) | - The Herong Power Station has passed **secondary frequency regulation (AGC)** and **primary frequency regulation (PFR)** technical tests and officially entered market operation, with its K-value and charge-discharge conversion rate ranking among the industry's best[53](index=53&type=chunk) - The Herong Power Station has initiated **new energy leasing business** and plans to consolidate frequency regulation revenue, actively participate in the **electricity spot market and standby compensation**, and explore diversified development opportunities[53](index=53&type=chunk) [Financial Review](index=26&type=section&id=Financial%20Review) This section provides a detailed analysis of the company's financial performance, including revenue, costs, profits, and key financial ratios [Revenue](index=26&type=section&id=Revenue) Total revenue for the period was HKD 177,334 thousand, a 24.4% year-on-year increase, primarily driven by SMT equipment manufacturing and related businesses and electricity sales Revenue by Business Segment (For the six months ended June 30, 2025) | Business Segment | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | SMT Equipment Manufacturing and Related Businesses | 150,706 | 131,709 | 18,997 | 14.42% | | Electricity Sales | 24,926 | 7,842 | 17,084 | 217.85% | | Integrated Services | 1,702 | 3,049 | (1,347) | -44.18% | | **Total** | **177,334** | **142,600** | **34,734** | **24.36%** | [Other Income](index=26&type=section&id=Other%20Income) Other income for the period was HKD 1,384 thousand, mainly from government grants - Other income for the period was **HKD 1,384 thousand**, primarily from **government grants**[55](index=55&type=chunk) [Distribution Costs](index=26&type=section&id=Distribution%20Costs) Distribution costs for the period were HKD 26,563 thousand, an increase of HKD 5,950 thousand year-on-year, mainly growing with sales revenue Distribution Costs (For the six months ended June 30, 2025) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Distribution Costs | 26,563 | 20,613 | 5,950 | 28.86% | [Administrative Expenses](index=26&type=section&id=Administrative%20Expenses) Administrative expenses for the period were HKD 34,570 thousand, a decrease of HKD 24,954 thousand year-on-year, mainly due to the reclassification of depreciation from the electricity sales segment to cost of sales Administrative Expenses (For the six months ended June 30, 2025) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Administrative Expenses | 34,570 | 59,524 | (24,954) | -41.92% | [Net Finance Expenses](index=27&type=section&id=Net%20Finance%20Expenses) Net finance expenses for the period were HKD 10,767 thousand, a decrease of HKD 1,730 thousand year-on-year, primarily due to reduced interest expenses Net Finance Expenses (For the six months ended June 30, 2025) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Net Finance Expenses | 10,767 | 12,497 | (1,730) | -13.84% | [Profit for the Period](index=27&type=section&id=Profit%20for%20the%20Period) Profit attributable to owners for the period was HKD 6,180 thousand, achieving a turnaround - Profit attributable to owners for the period was **HKD 6,180 thousand**, achieving a **turnaround**[59](index=59&type=chunk) [EBITDA](index=27&type=section&id=EBITDA) EBITDA for the period was HKD 21,750 thousand, with an EBITDA margin of approximately 12.26% EBITDA (For the six months ended June 30, 2025) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | EBITDA | 21,750 | 23,916 | (2,166) | -9.06% | | EBITDA Margin | 12.26% | 16.77% | -4.51% | -26.89% | [Current Ratio](index=27&type=section&id=Current%20Ratio) As at June 30, 2025, the Group's net current assets were HKD 194,864 thousand, with a current ratio of approximately 176.39%, indicating ample working capital Current Ratio (As at June 30, 2025) | Indicator | 2025年6月30日 (HKD thousands) | 2024年12月31日 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Net Current Assets | 194,864 | 33,801 | 161,063 | 476.51% | | Current Ratio | 176.39% | 108.08% | 68.31% | 63.20% | [Working Capital Management](index=28&type=section&id=Working%20Capital%20Management) As at June 30, 2025, cash and bank balances decreased to HKD 171,945 thousand; average trade receivables turnover days, trade payables turnover days, and inventory turnover days all increased Working Capital Management Indicators (As at June 30, 2025) | Indicator | 2025年6月30日 | 2024年12月31日 | Change | | :--- | :--- | :--- | :--- | | Cash and Bank Balances (HKD thousands) | 171,945 | 205,301 | (33,356) | | Average Trade Receivables Turnover Days | 180 Days | 95 Days | 85 Days | | Average Trade Payables Turnover Days | 156 Days | 72 Days | 84 Days | | Average Inventory Turnover Days | 80 Days | 44 Days | 36 Days | [Pledge of the Group's Assets](index=28&type=section&id=Pledge%20of%20the%20Group%27s%20Assets) As at June 30, 2025, the Group's bank facilities were secured by first legal charges over certain land and buildings with a total net book value of approximately HKD 70,873 thousand - The Group's bank facilities are secured by first legal charges over land and buildings with a net book value of approximately **HKD 70,873 thousand**[64](index=64&type=chunk) [Equity and Liabilities](index=28&type=section&id=Equity%20and%20Liabilities) As at June 30, 2025, the Group's net assets attributable to owners were approximately HKD 232,786 thousand, with equity increasing by HKD 6,660 thousand during the period Equity and Liabilities (As at June 30, 2025) | Indicator | 2025年6月30日 (HKD thousands) | 2024年12月31日 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | 232,786 | 226,126 | 6,660 | 2.95% | [Employees](index=28&type=section&id=Employees) As at June 30, 2025, the Group employed approximately 285 full-time employees and workers in mainland China and approximately 24 staff in Hong Kong, enhancing employee capabilities through regular training and welfare programs - The Group employs approximately **285 full-time employees** in mainland China and approximately **24 staff** in Hong Kong[66](index=66&type=chunk) - The Group maintains and enhances employee capabilities through **regular training, employee benefits, and performance-linked bonuses**[66](index=66&type=chunk) [Principal Risks and Uncertainties](index=28&type=section&id=Principal%20Risks%20and%20Uncertainties) This section identifies and discusses the key risks and uncertainties that could materially affect the company's business, financial condition, and operating results [Operational Risks](index=29&type=section&id=Operational%20Risks) The Group's various business segments face operational risks, which are effectively mitigated through management monitoring, risk management policies, and whistleblowing procedures - The Group manages operational risks through **management monitoring, risk management policies, and whistleblowing procedures** across its business segments[68](index=68&type=chunk) [Financial Risks](index=29&type=section&id=Financial%20Risks) This section details the financial risks the company faces, including credit, liquidity, and foreign exchange risks, and how they are managed [Credit Risk](index=29&type=section&id=Credit%20Risk) The Board closely monitors credit risk, with management responsible for credit approval and collection procedures, ensuring adequate impairment provisions for irrecoverable amounts, thereby effectively reducing credit risk - The Group mitigates credit risk through **close monitoring, strict credit approval and collection procedures**, and ensuring **adequate impairment provisions**[70](index=70&type=chunk) [Liquidity Risk](index=29&type=section&id=Liquidity%20Risk) The Group has established an appropriate liquidity risk management framework, maintaining sufficient cash and cash equivalents to meet working capital needs and mitigate cash flow fluctuations - The Group effectively manages liquidity risk by establishing a **liquidity risk management framework** and maintaining **sufficient cash and cash equivalents**[71](index=71&type=chunk) [Foreign Exchange Risk](index=29&type=section&id=Foreign%20Exchange%20Risk) The Group faces foreign exchange risk arising from business transactions, assets, and liabilities denominated in multiple currencies such as RMB, HKD, and USD, and will continue to closely monitor and implement hedging measures when necessary - The Group faces foreign exchange risk from transactions, assets, and liabilities denominated in **RMB, HKD, USD**, and other currencies, and will **closely monitor and implement hedging measures** as needed[72](index=72&type=chunk) [Disclosure of Interests](index=29&type=section&id=Disclosure%20of%20Interests) This section provides information on the interests of directors and substantial shareholders in the company's shares and underlying shares [Directors' Interests in Shares and Underlying Shares](index=30&type=section&id=Directors%27%20Interests%20in%20Shares%20and%20Underlying%20Shares) As at June 30, 2025, no director had any disclosable interests or short positions in the shares, underlying shares, or debentures of the company or its associated corporations - As at June 30, 2025, no director held any **disclosable interests or short positions** in the shares, underlying shares, or debentures of the company or its associated corporations[73](index=73&type=chunk) [Directors' Rights to Acquire Shares or Debentures](index=30&type=section&id=Directors%27%20Rights%20to%20Acquire%20Shares%20or%20Debentures) During the period, the company did not grant any rights to any director or their spouse or minor children to acquire shares or debentures of the company, nor were any such rights exercised - During the period, the company did not grant any rights to any director or their associates to acquire company shares or debentures, nor were any such rights exercised[74](index=74&type=chunk) [Substantial Shareholders' Interests in Shares and Underlying Shares](index=30&type=section&id=Substantial%20Shareholders%27%20Interests%20in%20Shares%20and%20Underlying%20Shares) As at June 30, 2025, Core Ding Limited, Chen Ping, Bi Tianfu, and Da Guang were substantial shareholders, with Core Ding Limited holding 67.85% of shares as the largest shareholder Substantial Shareholders' Long Positions in Shares (As at June 30, 2025) | Shareholder Name | Nature of Interest | Number of Ordinary Shares Held | Approximate Percentage of Total Equity (%) | | :--- | :--- | :--- | :--- | | Core Ding Limited | Beneficial Owner | 987,176,230 | 67.85 | | Chen Ping | Beneficial Owner | 100,000,000 | 6.87 | | Bi Tianfu | Beneficial Owner | 87,783,168 | 6.03 | | Da Guang | Beneficial Owner | 84,270,000 | 5.79 | - **Core Ding Limited** is 50.1% owned by **Qingxin (Suzhou Industrial Park) Asset Management Co., Ltd.**, making it the ultimate controlling shareholder of the company[14](index=14&type=chunk)[77](index=77&type=chunk) [Corporate Governance and Other Information](index=31&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section details the company's adherence to corporate governance principles and other relevant information for stakeholders [Corporate Governance Practices](index=32&type=section&id=Corporate%20Governance%20Practices) The company is committed to complying with the Corporate Governance Code and regularly reviews it to ensure adherence to Appendix C1 of the Listing Rules; the company complied with the code throughout the period - The company has adopted the **Corporate Governance Code** set out in Appendix C1 of the Listing Rules and complied with it during the period[78](index=78&type=chunk) [Audit Committee](index=32&type=section&id=Audit%20Committee) The Audit Committee has reviewed the Group's interim results for the six months ended June 30, 2025, and found them to be in compliance with applicable accounting standards, laws, and Listing Rules - The Audit Committee has reviewed the interim results and found them to be in compliance with **applicable accounting standards, laws, and Listing Rules**[79](index=79&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=32&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - During the period, neither the company nor its subsidiaries purchased, sold, or redeemed any **listed securities**[80](index=80&type=chunk) [Dividends](index=32&type=section&id=Dividends) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an **interim dividend** for the current period[81](index=81&type=chunk) [Standard Code for Securities Transactions by Directors](index=32&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company has adopted the Standard Code for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules, and all directors confirm compliance with the code - The company has adopted the **Standard Code for Securities Transactions by Directors**, and all directors confirm compliance[82](index=82&type=chunk) [Publication of Interim Report on HKEX and Company Website](index=32&type=section&id=Publication%20of%20Interim%20Report%20on%20HKEX%20and%20Company%20Website) This interim report will be published on the HKEX website and the company's website, and dispatched to shareholders - The interim report will be published on the **HKEX website** and the **company's website**, and dispatched to shareholders[83](index=83&type=chunk) [Cautionary Statement](index=32&type=section&id=Cautionary%20Statement) This statement advises investors on the inherent risks associated with relying on forward-looking information and unaudited financial data - The Board reminds investors that unaudited interim financial results and operating data are based on internal information, and undue reliance may pose investment risks; investors should exercise **extreme caution** when trading the company's securities[85](index=85&type=chunk) - The report contains forward-looking statements that do not constitute a guarantee of future performance, and actual results may differ significantly due to factors such as **industry economic conditions, changes in customer demand, and government policy changes**[85](index=85&type=chunk)

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 致：香港交易及結算所有限公司 公司名稱: 芯成科技控股有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00365 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.1 | HKD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.1 | HKD | | 200,000,000 | 本月底法定/註冊股本總額： HKD 200,000,000 ...

Core Insights - The company reported a revenue of HKD 177 million for the first half of 2025, representing a year-on-year growth of 24.4% [1] - The profit attributable to the company's owners was HKD 6.18 million, a significant turnaround from a loss of HKD 10.77 million in the same period last year [1] - Basic earnings per share were reported at HKD 0.042 [1] Financial Performance - Revenue from continuing operations reached HKD 177 million, marking a 24.4% increase compared to the previous year [1] - The company achieved a profit attributable to owners of HKD 6.18 million, contrasting with a loss of HKD 10.77 million in the prior year [1] - Administrative expenses decreased due to reduced one-time expenditures and daily management costs, contributing to the improved financial performance [1]

Core Viewpoint - The company reported a significant improvement in its financial performance for the first half of 2025, with a notable increase in revenue and a shift from loss to profit [1] Financial Performance - The revenue from continuing operations reached HKD 177 million, representing a year-on-year growth of 24.4% [1] - The profit attributable to the company's owners was HKD 6.18 million, a turnaround from a loss of HKD 10.77 million in the same period last year [1] - The basic earnings per share were HKD 0.042 [1] Operational Factors - The improvement in profitability was primarily due to the stabilization of the company's energy business during the reporting period [1] - There was a reduction in one-time expenses and daily management costs, leading to a decrease in administrative expenses [1]

Core Insights - The company reported a revenue of approximately HKD 177,334,000 for the six months ending June 30, 2025, representing a year-on-year increase of 24.4% [1] - The SMT and semiconductor equipment manufacturing segment accounted for 85.0% of the total revenue, while the energy business saw an increase in its revenue contribution [1] - The profit attributable to the company's owners was approximately HKD 6,180,000, with total comprehensive income reaching about HKD 6,660,000, both showing an increase compared to the same period last year [1] - The improvement in profitability was primarily due to the energy business entering a stable operational phase, along with a reduction in one-time expenses and routine management costs, leading to lower administrative expenses [1]

Part I [Announcement Information](index=1&type=section&id=I.%20Announcement%20Information) This section provides general information about the interim results announcement and disclaimers [Company Basic Information](index=1&type=section&id=1.1%20Company%20Basic%20Information) SINO ICT HOLDINGS LIMITED announced its unaudited interim results for the six months ended June 30, 2025, which were reviewed by the Audit Committee - Company name: **SINO ICT HOLDINGS LIMITED**, stock code: **00365**[2](index=2&type=chunk) - The announcement covers unaudited consolidated results for the six months ended **June 30, 2025**[2](index=2&type=chunk) - The results were reviewed by the Company's Audit Committee on **August 28, 2025**[2](index=2&type=chunk) [Summary of Interim Results Announcement](index=1&type=section&id=1.2%20Summary%20of%20Interim%20Results%20Announcement) This section presents the disclaimer from HKEX and the Stock Exchange, stating no responsibility for the announcement's accuracy or completeness - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited are not responsible for the contents of this announcement, nor do they make any representation as to its accuracy or completeness[1](index=1&type=chunk) Part II [Condensed Consolidated Financial Statements](index=1&type=section&id=II.%20Condensed%20Consolidated%20Financial%20Statements) This section provides an overview of the company's condensed consolidated financial performance and position [Condensed Consolidated Statement of Comprehensive Income](index=1&type=section&id=2.1%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, revenue from continuing operations grew 24.4% to HKD 177,334 thousand, with operating profit turning positive to HKD 8,920 thousand, and profit attributable to owners from continuing operations at HKD 6,309 thousand Key Data from Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 177,334 | 142,600 | 24.4% | | Operating profit/(loss) | 8,920 | (10,766) | N/A (turned profitable) | | Loss for the period from continuing operations | (3,066) | (26,518) | -88.4% | | Profit/(loss) for the period from continuing operations attributable to owners of the Company | 6,309 | (10,777) | N/A (turned profitable) | | Basic and diluted earnings per share (continuing operations) (HK cents) | 0.43 | (0.74) | N/A (turned profitable) | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=2.2%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets slightly increased to HKD 931,931 thousand, net current assets significantly rose to HKD 194,864 thousand, and equity attributable to owners increased to HKD 232,786 thousand, while non-current liabilities grew due to increased borrowings Key Data from Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | Total assets | 931,931 | 923,846 | 8,085 | | Equity attributable to owners of the Company | 232,786 | 226,126 | 6,660 | | Non-current liabilities | 494,697 | 350,277 | 144,420 | | Current liabilities | 255,086 | 388,648 | (133,562) | | Net current assets | 194,864 | 33,801 | 161,063 | Part III [Notes to the Financial Statements](index=6&type=section&id=III.%20Notes%20to%20the%20Financial%20Statements) This section provides detailed explanations and disclosures regarding the condensed consolidated financial statements [General Information](index=6&type=section&id=3.1%20General%20Information) SINO ICT HOLDINGS LIMITED, a Bermuda-registered company listed on the HKEX, primarily engages in SMT equipment manufacturing and energy businesses in China, having terminated its radar business this period - The Company is incorporated in Bermuda and its shares are listed on the Main Board of the Stock Exchange of Hong Kong[8](index=8&type=chunk) - Principal activities include surface mount technology (SMT) equipment manufacturing and electricity sales, along with providing electricity spot market trading and ancillary services (energy business)[8](index=8&type=chunk) - For the six months ended June 30, 2025, the advanced domestic radar hardware manufacturing, intelligent software development, application, and system integration business (radar business) was discontinued[8](index=8&type=chunk) [Basis of Preparation](index=6&type=section&id=3.2%20Basis%20of%20Preparation) These condensed consolidated interim financial statements are prepared in accordance with HKAS 34 and the Listing Rules, and should be read in conjunction with the annual consolidated financial statements - The statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants, and the applicable disclosure requirements of the Hong Kong Companies Ordinance and the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[11](index=11&type=chunk) - These statements do not include all the information required for annual consolidated financial statements and should be read in conjunction with the consolidated financial statements for the year ended December 31, 2024[11](index=11&type=chunk) [Significant Accounting Policies](index=7&type=section&id=3.3%20Significant%20Accounting%20Policies) These interim financial statements are primarily prepared on a historical cost basis, with some assets measured at fair value, and the adoption of several revised HKFRSs this period had no material impact on the consolidated results or financial position - The statements are prepared on a historical cost basis, except for investment properties and financial assets measured at fair value[12](index=12&type=chunk) - Several revised Hong Kong Financial Reporting Standards effective from January 1, 2025, were adopted, including lease liabilities in a sale and leaseback, classification of liabilities, non-current liabilities with covenants, and lack of exchangeability[12](index=12&type=chunk) - The adoption of these revised standards had no material impact on the consolidated results and financial position for the current and prior periods[12](index=12&type=chunk) [Critical Accounting Estimates and Judgments](index=7&type=section&id=3.4%20Critical%20Accounting%20Estimates%20and%20Judgments) The preparation of these financial statements involves management's critical judgments, estimates, and assumptions regarding accounting policies and the carrying amounts of assets and liabilities, consistent with the 2024 annual report - Management made critical judgments, estimates, and assumptions in preparing the statements, consistent with those used in the consolidated financial statements for the year ended December 31, 2024[13](index=13&type=chunk) [Revenue](index=8&type=section&id=3.5%20Revenue) Total revenue for the period was HKD 177,334 thousand, primarily from the production and sale of industrial products (HKD 152,408 thousand) and electricity sales (HKD 24,926 thousand), with all revenue recognized at a point in time Revenue Composition (For the six months ended June 30) | Revenue Source | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Production and sale of industrial products | 152,408 | 134,758 | 13.1% | | Electricity sales | 24,926 | 7,842 | 217.8% | | **Total Revenue** | **177,334** | **142,600** | **24.4%** | - All revenue is recognized at a point in time[15](index=15&type=chunk) [Segment Information](index=9&type=section&id=3.6%20Segment%20Information) As of June 30, 2025, the radar business has been discontinued; the industrial product production and sales segment is the primary source of revenue and profit, generating HKD 150,706 thousand in revenue and HKD 74,610 thousand in gross profit, while the energy business saw significant revenue growth to HKD 24,926 thousand but recorded a gross loss of HKD 8,904 thousand and a pre-tax loss of HKD 19,133 thousand - The radar business has been discontinued, and segment information does not include discontinued operations[16](index=16&type=chunk) Segment Results from Continuing Operations (For the six months ended June 30) | Indicator | Industrial Product Production and Sales (HKD thousands) | Energy Business (HKD thousands) | Unallocated Items (HKD thousands) | Total (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | | **2025** | | | | | | Revenue from external customers | 150,706 | 24,926 | 1,702 | 177,334 | | Segment gross profit/(loss) | 74,610 | (8,904) | 1,702 | 67,408 | | Profit/(loss) before income tax | 23,384 | (19,133) | (6,232) | (1,981) | | **2024** | | | | | | Revenue from external customers | 131,709 | 7,842 | 3,049 | 142,600 | | Segment gross profit | 59,835 | 2,044 | 3,049 | 64,928 | | Profit/(loss) before income tax | 16,890 | (31,413) | (13,448) | (27,971) | [Other Income](index=10&type=section&id=3.7%20Other%20Income) Other income for the period was HKD 1,384 thousand, primarily from government grants, representing a significant year-on-year decrease of 72.1% Other Income Composition (For the six months ended June 30) | Income Source | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Scrap sales income | 31 | 294 | -89.5% | | Government grants | 1,353 | 4,656 | -70.9% | | **Total** | **1,384** | **4,950** | **-72.1%** | [Finance Income and Expenses](index=11&type=section&id=3.8%20Finance%20Income%20and%20Expenses) Net finance expenses for the period were HKD 10,767 thousand, a 13.8% year-on-year decrease, mainly due to reduced interest expenses on bank and other borrowings Finance Income and Expenses (For the six months ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Interest income from bank deposits | 561 | 913 | -38.6% | | Interest expenses on bank and other borrowings | (11,328) | (13,410) | -15.5% | | **Net finance expenses** | **(10,767)** | **(12,497)** | **-13.8%** | [Income Tax Expense](index=11&type=section&id=3.9%20Income%20Tax%20Expense) Income tax expense from continuing operations for the period was HKD 1,085 thousand, compared to an income tax credit of HKD 1,453 thousand in the prior period, primarily related to China corporate income tax Income Tax Expense/(Credit) from Continuing Operations (For the six months ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | China corporate income tax expense/(credit) | 1,085 | (1,453) | [Discontinued Operations](index=12&type=section&id=3.10%20Discontinued%20Operations) Discontinued operations (radar business) recorded a loss of HKD 187 thousand for the period, primarily administrative expenses, with a loss attributable to owners of HKD 129 thousand Loss from Discontinued Operations (For the six months ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | — | — | | Administrative expenses | (187) | — | | Loss before income tax from discontinued operations | (187) | — | | **Loss for the period from discontinued operations** | **(187)** | **—** | | Loss attributable to owners of the Company | (129) | — | [Earnings/(Loss) Per Share](index=13&type=section&id=3.11%20Earnings%2F%28Loss%29%20Per%20Share) Basic and diluted earnings per share from continuing operations for the period were 0.43 HK cents, with a loss per share from discontinued operations of 0.01 HK cents, totaling 0.42 HK cents earnings per share, reversing previous losses Earnings/(Loss) Per Share (For the six months ended June 30) | Item | 2025 (HK cents) | 2024 (HK cents) | | :--- | :--- | :--- | | Continuing operations | 0.43 | (0.74) | | Discontinued operations | (0.01) | — | | **Basic and diluted earnings/(loss)** | **0.42** | **(0.74)** | - The weighted average number of ordinary shares for basic and diluted earnings/(loss) per share was **1,455,000 thousand shares**, consistent with the prior period[21](index=21&type=chunk) [Dividends](index=13&type=section&id=3.12%20Dividends) For the six months ended June 30, 2025, the Company neither declared nor proposed any dividends - For the six months ended June 30, 2025, the Company neither declared nor proposed any dividends (2024: nil)[22](index=22&type=chunk) [Trade and Other Receivables](index=14&type=section&id=3.13%20Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and bills receivables amounted to HKD 105,564 thousand, a significant increase from December 31, 2024, with notable increases in receivables aged 91-180 days and over 180 days Ageing Analysis of Trade and Bills Receivables | Ageing | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | 0 to 90 days | 48,379 | 58,476 | (10,097) | | 91 to 180 days | 28,658 | 11,779 | 16,879 | | Over 180 days | 28,527 | 1,881 | 26,646 | | **Total** | **105,564** | **72,136** | **33,428** | [Trade and Other Payables](index=14&type=section&id=3.14%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and bills payables were HKD 45,693 thousand, a slight decrease from December 31, 2024 Ageing Analysis of Trade and Bills Payables | Ageing | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | | :--- | :--- | :--- | :--- | | 0 to 90 days | 40,141 | 43,702 | (3,561) | | 91 to 120 days | 447 | 253 | 194 | | Over 120 days | 5,105 | 5,679 | (574) | | **Total** | **45,693** | **49,634** | **(3,941)** | [Assets Classified as Held for Sale](index=14&type=section&id=3.15%20Assets%20Classified%20as%20Held%20for%20Sale) As of June 30, 2025, certain equipment, intangible assets, and inventories of the radar business, totaling HKD 6,434 thousand, were classified as assets held for sale - Equipment, intangible assets, and inventories of the radar business are classified as "assets classified as held for sale"[25](index=25&type=chunk) Composition of Assets Classified as Held for Sale (June 30, 2025) | Asset Type | Amount (HKD thousands) | | :--- | :--- | | Equipment | 2,127 | | Intangible assets | 1,062 | | Inventories | 3,245 | | **Total** | **6,434** | Part IV [Performance Review and Business Outlook](index=15&type=section&id=IV.%20Performance%20Review%20and%20Business%20Outlook) This section reviews the company's financial performance and provides an outlook on industry trends and future business strategies [Overall Performance Review](index=15&type=section&id=4.1%20Overall%20Performance%20Review) The Company's revenue increased by 24.4% year-on-year to HKD 177,334 thousand, with profit attributable to owners of approximately HKD 6,180 thousand, reversing losses, primarily due to stable energy business operations and reduced administrative expenses - Revenue was approximately **HKD 177,334,000**, a year-on-year increase of **24.4%**[26](index=26&type=chunk) - Profit attributable to owners of the Company was approximately **HKD 6,180,000**, and total comprehensive income attributable to owners of the Company was approximately **HKD 6,660,000**, both increasing from the prior period and reversing losses[26](index=26&type=chunk) - Performance improvement is mainly attributed to the energy business gradually entering stable operation, reduced one-off expenses, and lower daily management costs, leading to a decrease in administrative expenses[26](index=26&type=chunk) [Industry and Macroeconomic Outlook](index=15&type=section&id=4.2%20Industry%20and%20Macroeconomic%20Outlook) China's advanced manufacturing and new energy storage industries have broad prospects driven by "Made in China 2025" and "14th Five-Year Plan" policies, providing business opportunities despite external challenges and stable national economic operation - "Made in China 2025" policy continues to deepen, prioritizing advanced manufacturing; the "14th Five-Year Plan" for new energy storage development is vigorously promoted, accelerating energy structure transformation[27](index=27&type=chunk) - The PMI generally shows a marginal rebound, driving rapid development of the new energy storage industry, with significant increases in project numbers and installed capacity[27](index=27&type=chunk) - Despite challenges such as escalating US chip export controls against China and local government debt pressure, the national economy remains stable overall[27](index=27&type=chunk) [SMT and Semiconductor Equipment Manufacturing Business](index=16&type=section&id=4.3%20SMT%20and%20Semiconductor%20Equipment%20Manufacturing%20Business) The SMT and semiconductor equipment manufacturing business revenue increased by 14.4% year-on-year to HKD 150,706 thousand, with significant growth in segment gross profit and pre-tax profit, making it the company's primary revenue and profit source, benefiting from market demand for Mini LED, new energy vehicles, and domestic semiconductor equipment substitution - SMT and semiconductor equipment manufacturing business revenue was approximately **HKD 150,706,000**, a year-on-year increase of **14.4%**; segment gross profit was approximately **HKD 74,610,000**, a year-on-year increase of **24.7%**; segment profit before income tax was approximately **HKD 23,384,000**, a year-on-year increase of **38.4%**[28](index=28&type=chunk) - Wholly-owned subsidiary Nitto Intelligent Equipment Technology (Shenzhen) Co., Ltd. actively promotes its market presence, including launching the e-commerce platform "Nitto Technology Mall" and participating in domestic and international industry exhibitions to deepen its overseas market strategic layout[28](index=28&type=chunk) - Mini LED technology and demand for ultra-large display panels are growing rapidly, with China's Mini LED shipments projected to increase by **3.2%**[29](index=29&type=chunk) - Domestic chip production and sales are increasing, while semiconductor equipment imports are decreasing, demonstrating the effectiveness of domestic substitution, and the Group's core business will continue to benefit from the electronic manufacturing upgrade wave[30](index=30&type=chunk) [Energy Business](index=17&type=section&id=4.4%20Energy%20Business) The energy business segment generated approximately HKD 24,926 thousand in revenue but recorded a gross loss and pre-tax loss; the Herong New Energy Storage Power Station has commenced commercial operation, participating in spot market trading, passing secondary and primary frequency regulation tests, and launching new energy leasing services, now contributing stable positive cash flow despite temporary losses from initial costs - The energy business segment generated revenue of approximately **HKD 24,926,000**, with a segment gross loss of approximately **HKD 8,904,000** and a segment loss before income tax of approximately **HKD 19,133,000**[31](index=31&type=chunk) - The Herong New Energy Storage Power Station, invested and constructed by joint venture Zhongxin Dianlian (Zhuhai Hengqin) Energy Technology Co., Ltd., was completed in 2023 and commenced commercial operation and spot market trading in October of the same year[31](index=31&type=chunk) - The Herong Power Station passed secondary frequency regulation (AGC) and primary frequency regulation (PFR) technical tests and officially entered market operation, with its K-value reaching the highest level in the industry, and indicators such as charge-discharge conversion rate and response to frequency regulation command output efficiency ranking among the top in the industry[32](index=32&type=chunk) - The Herong Power Station launched new energy leasing services in April this year, signing contracts with three photovoltaic companies, enhancing energy storage asset utilization, and beginning to contribute stable positive cash flow[32](index=32&type=chunk) - Despite its revenue-generating potential, the segment shows temporary losses due to initial depreciation, amortization, financing costs, and operation and maintenance expenses[32](index=32&type=chunk) Part V [Financial Performance Analysis](index=19&type=section&id=V.%20Financial%20Performance%20Analysis) This section provides a detailed analysis of the company's revenue, costs, and profitability metrics [Revenue Analysis](index=19&type=section&id=5.1%20Revenue%20Analysis) Total revenue for the period was HKD 177,334 thousand, with SMT equipment manufacturing and related businesses accounting for 85%, and electricity sales revenue significantly increasing by 217.8% year-on-year Revenue by Business Segment (For the six months ended June 30) | Business Segment | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | Proportion (2025) | | :--- | :--- | :--- | :--- | :--- | | SMT equipment manufacturing and related businesses | 150,706 | 131,709 | 14.4% | 85.0% | | Electricity sales | 24,926 | 7,842 | 217.8% | 14.1% | | Integrated services | 1,702 | 3,049 | -44.2% | 1.0% | | **Total** | **177,334** | **142,600** | **24.4%** | **100.0%** | [Other Income Analysis](index=19&type=section&id=5.2%20Other%20Income%20Analysis) Other income for the period was approximately HKD 1,384 thousand, primarily government grants, representing a significant decrease from the prior period - Other income for the period was approximately **HKD 1,384,000**, mainly from government grants[34](index=34&type=chunk) [Distribution Costs Analysis](index=19&type=section&id=5.3%20Distribution%20Costs%20Analysis) Distribution costs for the period were approximately HKD 26,563 thousand, an increase of approximately HKD 5,950 thousand year-on-year, primarily due to increased sales revenue - Distribution costs were approximately **HKD 26,563,000**, an increase of approximately **HKD 5,950,000** compared to the same period last year, mainly due to increased sales revenue[35](index=35&type=chunk) [Administrative Expenses Analysis](index=19&type=section&id=5.4%20Administrative%20Expenses%20Analysis) Administrative expenses for the period were approximately HKD 34,570 thousand, a decrease of approximately HKD 24,954 thousand year-on-year, mainly due to the reclassification of depreciation in the electricity sales segment to cost of sales - Administrative expenses were approximately **HKD 34,570,000**, a decrease of approximately **HKD 24,954,000** compared to the same period last year, mainly due to the reclassification of depreciation in the electricity sales segment to cost of sales[36](index=36&type=chunk) [Net Finance Costs Analysis](index=20&type=section&id=5.5%20Net%20Finance%20Costs%20Analysis) Net finance costs for the period were approximately HKD 10,767 thousand, a decrease of approximately HKD 1,730 thousand year-on-year, primarily due to reduced interest expenses - Net finance costs were approximately **HKD 10,767,000**, a decrease of approximately **HKD 1,730,000** compared to the same period last year, mainly due to reduced interest expenses[37](index=37&type=chunk) [Profit for the Period](index=20&type=section&id=5.6%20Profit%20for%20the%20Period) Profit attributable to owners of the Company for the period was approximately HKD 6,180 thousand, reversing previous losses - Profit attributable to owners of the Company for the period was approximately **HKD 6,180,000**, reversing previous losses[38](index=38&type=chunk) [Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)](index=20&type=section&id=5.7%20Earnings%20Before%20Interest,%20Tax,%20Depreciation%20and%20Amortization%20%28EBITDA%29) EBITDA for the period was HKD 21,750 thousand, with an EBITDA margin of approximately 12.26% Earnings Before Interest, Tax, Depreciation and Amortization (For the six months ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Profit/(loss) attributable to owners of the Company for the period | 6,180 | (10,777) | | Net finance costs | 10,767 | 12,497 | | Income tax expense/(credit) | 1,085 | (1,453) | | Depreciation and amortization | 3,718 | 23,649 | | **EBITDA** | **21,750** | **23,916** | - The EBITDA margin for the period was approximately **12.26%**[39](index=39&type=chunk) Part VI [Liquidity and Financial Resources](index=20&type=section&id=VI.%20Liquidity%20and%20Financial%20Resources) This section examines the company's liquidity position, asset pledges, and changes in equity and liabilities [Liquidity Position](index=20&type=section&id=6.1%20Liquidity%20Position) The Group maintains ample working capital, with net current assets of approximately HKD 194,864 thousand and a current ratio of approximately 176.39%; cash and bank balances decreased, while average days for trade receivables, trade payables, and inventories all significantly increased - Net current assets were approximately **HKD 194,864,000**, with a current ratio of approximately **176.39%**, sufficient to meet daily operational needs[41](index=41&type=chunk) - Cash and bank balances were approximately **HKD 171,945,000**, a decrease of **HKD 33,356,000** from approximately **HKD 205,301,000** at the beginning of the period[42](index=42&type=chunk) Key Turnover Days Data | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Average trade receivables turnover days | 180 days | 95 days | Increased by 85 days | | Average trade payables turnover days | 156 days | 72 days | Increased by 84 days | | Average inventory turnover days | 80 days | 44 days | Increased by 36 days | [Pledge of Assets](index=21&type=section&id=6.2%20Pledge%20of%20Assets) As of June 30, 2025, the Group's bank facilities are secured by first legal charges over certain land and buildings with a total net book value of approximately HKD 70,873 thousand - Bank facilities are secured by first legal charges over certain land and buildings with a total net book value of approximately **HKD 70,873,000**[43](index=43&type=chunk) [Equity and Liabilities](index=21&type=section&id=6.3%20Equity%20and%20Liabilities) As of June 30, 2025, net assets attributable to owners of the Company were approximately HKD 232,786 thousand, with an increase in equity of approximately HKD 6,660 thousand during the period - Net assets attributable to owners of the Company were approximately **HKD 232,786,000** (December 31, 2024: HKD 226,126,000), with an increase in equity of approximately **HKD 6,660,000** during the period[44](index=44&type=chunk) Part VII [Human Resources](index=21&type=section&id=VII.%20Human%20Resources) This section outlines the company's human resources profile, including employee numbers, training, and compensation policies [Human Resources Overview](index=21&type=section&id=7.1%20Human%20Resources%20Overview) As of June 30, 2025, the Group employed approximately 285 full-time staff and workers in mainland China and 24 staff in Hong Kong, maintaining and enhancing employee capabilities through regular training, staff benefits, and performance-linked bonuses - As of June 30, 2025, the Group employed approximately **285 full-time employees and workers** in mainland China and approximately **24 staff** in Hong Kong[45](index=45&type=chunk) - The Company maintains and enhances employee work capabilities through regular training and provides remuneration in line with industry practice[45](index=45&type=chunk) - Employee benefits and bonuses are provided in mainland China, while a provident fund scheme and performance-linked bonuses are offered in Hong Kong[45](index=45&type=chunk) Part VIII [Risk Management](index=22&type=section&id=VIII.%20Risk%20Management) This section details the company's approach to managing operational and financial risks, including credit, liquidity, and foreign exchange exposures [Operational Risks](index=22&type=section&id=8.1%20Operational%20Risks) The Group faces operational risks related to its various business segments, which are monitored, assessed, and managed by segment management through risk management policies and procedures, including whistleblowing mechanisms to prevent fraud and bribery, with directors deeming these risks effectively mitigated - Management of each business segment is responsible for monitoring business operations, assessing operational risks, and implementing risk management policies and procedures[46](index=46&type=chunk) - A whistleblowing procedure is established, including communication with other departments and business segments/units, to report any non-compliance and prevent fraud and bribery[46](index=46&type=chunk) - The Directors believe that the Group's operational risks have been effectively mitigated[46](index=46&type=chunk) [Financial Risks](index=22&type=section&id=8.2%20Financial%20Risks) The Group is exposed to credit risk, liquidity risk, and foreign exchange risk, which are managed through close monitoring, credit approval, collection procedures, and maintaining adequate cash levels - The Group is exposed to credit risk, liquidity risk, and foreign exchange risk[47](index=47&type=chunk) [Credit Risk](index=22&type=section&id=8.2.1%20Credit%20Risk) Directors closely monitor credit risk levels, with management responsible for credit approval and collection procedures, and ensuring adequate impairment provisions for irrecoverable amounts to mitigate credit risk - Directors closely monitor the overall level of credit risk, and management is responsible for credit approval and monitoring collection procedures[48](index=48&type=chunk) - The recoverability of individual trade debts is reviewed to ensure adequate impairment provisions are made for irrecoverable amounts[48](index=48&type=chunk) - The Directors believe that the Group's credit risk has been significantly reduced[48](index=48&type=chunk) [Liquidity Risk](index=22&type=section&id=8.2.2%20Liquidity%20Risk) Directors have established an appropriate liquidity risk management framework, effectively managing liquidity risk by monitoring cash and cash equivalents, ensuring sufficient working capital, and mitigating cash flow fluctuations - Directors have established an appropriate liquidity risk management framework to meet short-term, medium-term, and long-term financing and liquidity management requirements[49](index=49&type=chunk) - The Group monitors its levels of cash and cash equivalents, maintains sufficient working capital, and mitigates cash flow fluctuations[49](index=49&type=chunk) - The Directors believe that the Group's liquidity risk has been effectively managed[49](index=49&type=chunk) [Foreign Exchange Risk](index=23&type=section&id=8.2.3%20Foreign%20Exchange%20Risk) The Group faces foreign exchange risk due to business transactions denominated in RMB, HKD, USD, and other currencies; no financial instruments were used for hedging this period, but the Group will continue to monitor and take appropriate hedging measures as needed - The Group is exposed to foreign exchange risk due to business transactions, assets, and liabilities denominated in RMB, HKD, USD, and other currencies[50](index=50&type=chunk) - No financial instruments were used for hedging purposes during the period, but the Group will continue to closely monitor and take appropriate hedging measures as needed[50](index=50&type=chunk) Part IX [Other Information](index=23&type=section&id=IX.%20Other%20Information) This section covers additional disclosures including securities transactions, dividend policy, corporate governance, and forward-looking statements [Repurchase, Sale or Redemption of the Company's Listed Securities](index=23&type=section&id=9.1%20Repurchase,%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries repurchased, sold, or redeemed any of the Company's listed securities - Neither the Company nor any of its subsidiaries repurchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025[51](index=51&type=chunk) [Dividend Policy](index=23&type=section&id=9.2%20Dividend%20Policy) The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024: nil)[52](index=52&type=chunk) [Standard Code for Securities Transactions by Directors](index=23&type=section&id=9.3%20Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted the Standard Code for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules and confirms that all Directors complied with the code during the period - The Company has adopted the Standard Code for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules[53](index=53&type=chunk) - Following enquiry, all Directors confirmed that they have complied with the required standards set out in the Standard Code for the six months ended June 30, 2025[53](index=53&type=chunk) [Corporate Governance](index=24&type=section&id=9.4%20Corporate%20Governance) The Company is committed to good corporate governance, adopting and regularly reviewing the Corporate Governance Code in Appendix C1 of the Listing Rules to ensure compliance, and acted in accordance with the code during the period - The Company understands the importance of good corporate governance practices and procedures and is committed to ensuring its business complies with relevant rules and regulations[54](index=54&type=chunk) - The Corporate Governance Code as set out in Appendix C1 of the Listing Rules is adopted and regularly reviewed to ensure compliance[54](index=54&type=chunk) - For the six months ended June 30, 2025, the Company acted in accordance with the Code[54](index=54&type=chunk) [Audit Committee](index=24&type=section&id=9.5%20Audit%20Committee) The Audit Committee has reviewed the Group's interim financial results for the six months ended June 30, 2025, and found them to be in compliance with applicable accounting standards, laws, and HKEX requirements - The Audit Committee has reviewed the Group's interim financial results for the six months ended June 30, 2025[55](index=55&type=chunk) - The Committee believes that these statements comply with applicable accounting standards, laws, and the requirements of the Stock Exchange, and that adequate disclosures have been made[55](index=55&type=chunk) [Publication of Interim Report](index=24&type=section&id=9.6%20Publication%20of%20Interim%20Report) The Company's interim report will be published on the HKEX website and the Company's website, and dispatched to shareholders - The Company's interim report will be published on the HKEX website (www.hkex.com.hk) and the Company's website (www.sino-ict.com), and dispatched to shareholders[56](index=56&type=chunk) [Investment Risk Warning and Forward-Looking Statements](index=25&type=section&id=9.7%20Investment%20Risk%20Warning%20and%20Forward-Looking%20Statements) The Board advises investors that unaudited interim financial results and operating data are based on internal information, and inappropriate reliance may pose investment risks; the announcement contains forward-looking statements that are not guarantees of future performance, actual results may vary due to various factors, and the Company has no obligation to update them - Unaudited interim financial results and operating data are based on the Group's internal information, and investors should be aware that inappropriate reliance or use of this information may pose investment risks[57](index=57&type=chunk) - The announcement contains forward-looking statements, which are not guarantees of future performance, and actual results may differ materially due to factors such as industry, economy, customer demand, and government policies[57](index=57&type=chunk) - The Group has no obligation to update or revise any forward-looking statements to reflect events or circumstances after the reporting date[57](index=57&type=chunk) [Board of Directors](index=25&type=section&id=9.8%20Board%20of%20Directors) As of the announcement date, the Board of Directors includes Executive Directors Mr. Yuan Yipei and Mr. Xia Yuan, Non-executive Directors Mr. Meng Deqing and Ms. Bai Yu, and Independent Non-executive Directors Mr. Cui Yuzhi, Mr. Bao Yi, and Mr. Fan Ping - As of the announcement date, the Board of Directors includes Executive Directors Mr. Yuan Yipei and Mr. Xia Yuan, Non-executive Directors Mr. Meng Deqing and Ms. Bai Yu, and Independent Non-executive Directors Mr. Cui Yuzhi, Mr. Bao Yi, and Mr. Fan Ping[58](index=58&type=chunk)

Group 1 - The core point of the article is that ST Tongpu (600365.SH) announced a restricted stock incentive plan for 2025, proposing to grant 26.75 million shares, which accounts for 6.26% of the company's total share capital of 427.28 million shares as of the announcement date [1] - The plan includes an initial grant of 24.15 million shares, representing 90.28% of the total shares to be granted and 5.65% of the company's total share capital [1] - Additionally, 2.6 million shares are reserved, making up 9.72% of the total shares to be granted and 0.61% of the company's total share capital [1] Group 2 - After the implementation of this incentive plan, the total number of restricted shares involved in all effective equity incentive plans will not exceed 10% of the company's total share capital [1] - Any individual incentive recipient will not receive more than 1% of the company's total share capital through this plan [1]